Tether's €1.3M Boost: Turning EVs into a Global Power Grid Solution

Barcelona's clean energy innovator, Tether, has secured a €1.3 million pre-Seed investment to propel its groundbreaking technology aimed at enhancing grid resilience and energy efficiency. This funding round was spearheaded by Draper B1 and K Fund, with contributions from Enzo Ventures, Inclimo Climate Tech Fund, Zero4Climate, and COREangels Climate.

Luis Medina Rivas, Founder and CEO of Tether, emphasized the critical need for grid flexibility in Europe, highlighting potential annual costs of up to €135 billion by 2050 due to grid instability. "This investment enables us to expand our team and introduce our product in Nordic markets, accelerating the green energy transition without compromising grid reliability," Rivas stated.

Tether's innovative approach leverages electric vehicles (EVs) as AI-coordinated battery assets, transforming them into the "world’s largest, and cleanest, distributed battery." This technology not only supports grid stability but also reduces CO2 emissions by up to 7,300 tonnes per MW over a car's lifetime. Additionally, it opens new revenue streams for OEMs and charge point operators through vehicle flexibility bids on balancing markets.

The team behind Tether boasts expertise from Amazon, EIT InnoEnergy, and leading energy companies, united by a commitment to sustainable energy solutions. Raquel Bernal, Partner at Draper B1, praised Tether's vision and its potential to revolutionize the energy market by integrating EVs into the energy ecosystem.

With plans to extend partnerships across the Nordics, Germany, and Belgium, Tether is set to scale its engineering and commercial teams. The company is already conducting pilots with major automakers like Audi and Zeekr, marking significant strides toward a cleaner, more resilient energy future.